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Local workers contribute US$4.8 million to State budget In 2015, public workers in Ho Chi Minh City contributed US$4.8 million to the State budget from more than 10,000 scientific research and technology initiatives. The statistics were released at a meeting in the city on January 10 to review activities of the municipal Labor Union and receive the Labor Hero title. Last year, Ho Chi Minh City’s Labor Union at all levels worked closely with enterprises to implement various programs to take care of the city’s workers. Seventy four houses worth nearly US$2.9 million were presented to disadvantaged workers while 4,900 jobs were introduced to unemployed laborers. 24,300 workers suffering from irremediable diseases or labor accidents also received proper assistance. 2016 Business Startup Festival launched More than 400 young people and students joined the 2016 Business Startup Festival hosted by the Vietnam Chamber of Commerce and Industry (VCCI) in Hanoi on January 9. The event … [Read more...] about BUSINESS IN BRIEF 12/1

Vietnamese businesses in Europe meet in Hungary The 10th Conference of Vietnamese Businessmen in Europe is taking place in Budapest, Hungary from September 16-18 with the focus on the EU-Vietnam Free Trade Agreement (EVFTA). The highlight of the conference is a seminar on opportunities and challenges brought by the EVFTA on September 17. Ambassador-head of the EU Delegation to Vietnam Bruno Angelet was scheduled to deliver a speech on this issue. The conference is the biggest event of the Vietnamese entrepreneur community in Europe. Held annually since 2006, it has brought together leading Vietnamese enterprises operating in Europe. This year's event saw the first-time presence of the European Vietnamese Youth Business Alliance. Hanoians snapping up Da Nang property Savills Vietnam said that Hanoians were attracted by a variety of factors, including completed infrastructure, bright tourism prospects, sales policies and a young, dynamic and green city. Da Nang pioneered in luxury … [Read more...] about BUSINESS IN BRIEF 18/9

Fuel prices up again after straight drops
Fuel wholesalers Friday increased fuel retailing prices for the first time after five consecutive price cuts beginning in May. But this time they raised prices by different amounts as they are now allowed to take the initiative in proposing price adjustments.
Taking effect since 10pm Friday, the increase saw prices of A92 gasoline and diesel oil supplied by Petrolimex, the country's largest fuel wholesaler, rise by VND400 a liter, and kerosene, VND300 a liter.
Meanwhile, PV Oil and Saigon Petro hiked prices of all fuel commodities by VND400 a liter, except for diesel oil.
In brief, A95 gasoline now fetches VND21,500 a liter, A92, VND21,000 a liter, diesel oil, VND20,300 a liter, and kerosene ranges from VND20,150 to VND20,250 a liter, depending on suppliers. (US$1 = VND20,800)
In late June, the Ministry of Finance released a document, stipulating that fuel wholesalers can propose fuel price adjustment through their own initiatives, … [Read more...] about BUSINESS IN BRIEF 23/7

Technological development funds beyond firms' reach
Though having a total registered capital of VND50 billion (US$2.4 million), which insiders say is too low given the demand of 14,000 businesses, the Ho Chi Minh City fund for technological and scientific development has only disbursed VND25 billion over its first five years of operation.
Do Thanh Technology Corporation is among the very few fortunate borrowers that have been able to access loans.
In September 2009 it was approved for a loan worth VND3.3 billion, or 70 percent of the total capital needed for its project to set up a new production line. The company has now nearly completely cleared the debt.
Not so lucky, the Handa Co Ltd, an essential oil manufacturer, was approved to borrow VND4.7 billion from the fund in January 8, yet the company has yet to receive the money.
Meanwhile, despite an application for loan submitted early this year, Huynh Van Hai, director of the Bao Long Food Technology Production Co, is still … [Read more...] about BUSINESS IN BRIEF 23/5

Timber goods' market on target
The timber products market needs to promote local business and develop the export market this year to deal with the greater difficulties, said the HCM City Fine Art and Wood Processing Association.
The association reported in 2011 that the wood processing industry gained its target of US$3.9 billion, an increase of $500 million from the previous year.
But, in fact, wood processors earned a small profit from exports due to the European economic downturn. Europe is a major export market for Vietnamese wood, as well as an area of low competition, the association said.
It reported that in 2011, 55 per cent of the total domestic wood producers suffered losses and produced moderately. Thirty per cent of them broke even while 15 per cent saw little profit.
Tran Quoc Manh, vice chairman of the HCM City Handicraft and Wood Industry Association (HAWA), said that in 2012 domestic wood exporters would still face many challenges, such as the European Union's … [Read more...] about BUSINESS IN BRIEF 14/1